Q4 2019 Investor Presentation

You're a Neighbor, Not a Number

Cautionary Statement Regarding Forward-Looking Statements

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, but are not limited to, statements about (i) the Company's plans, objectives, expectations and intentions and other statements contained in this presentation that are not historical facts; and (ii) other statements identified by words such as "expects" "anticipates," "intends," "plans," "believes," "seeks," "estimates," "targets," "projects," or words of similar meaning generally intended to identify forward-looking statements. These forward-looking statements are based on the current beliefs and expectations of the Company's management and are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond management's control. In addition, these forward-looking statements are subject to assumptions with respect to future business strategies and decisions that are subject to change. Actual results may differ materially from the anticipated results discussed or implied in these forward-looking statements because of numerous possible uncertainties.

The following factors, among others, could cause actual results to differ materially from the anticipated results or other expectations expressed in the forward-looking statements: (1) adverse governmental or regulatory policies may be enacted; (2) the interest rate environment may compress margins and adversely affect net interest income; (3) results may be adversely affected by continued diversification of assets and adverse changes to credit quality; (4) competition from other financial services companies in the Company's markets could adversely affect operations; (5) a change in the current economic environment could adversely affect credit quality and loan originations; and (6) social and political conditions such as war, political unrest and terrorism or natural disasters could have unpredictable negative effects on our businesses and the economy. Additional factors that could cause actual results to differ materially from those expressed in the forward-looking statements are discussed in the Company's reports (such as our Annual Report on Form 10- K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K) filed with the Securities and Exchange Commission and available on the SEC's website at www.sec.gov.

1

Non-GAAP Financial Measures

The accounting and reporting polices of the Company conform to generally accepted accounting principles ("GAAP") in the United States and prevailing practices in the banking industry. However, management uses certain non-GAAP measures to supplement the evaluation of the Company's performance. These measures include core operating income for the consolidated entity, the commercial banking segment, and the mortgage banking segment. Management believes presentations of these non-GAAP financial measures provide useful supplemental information that is essential to a proper understanding of the operating results of the Company's core businesses. These non-GAAP disclosures should not be viewed as a substitute for operating results determined in accordance with GAAP, nor are they necessarily comparable to non-GAAP performance measures that may be presented by other companies. Reconciliations of GAAP to non-GAAP disclosures are included as tables at the end of this presentation.

2

Why Village

Vision, Discipline, Execution - We think and behave like long term investors

Market - Strong market position in a very attractive market

Opportunity - Excellent opportunity to take market share

Differentiated - A strong community bank with a successful mortgage company

Transparency and Candor - Effective shareholder communications

We Deliver Results -Excellent shareholder returns over the last five years.

3

Company Overview

Corporate Data

Bank Chartered:

December 1999

Holding Company incorporated:

January 2003

Ticker (Nasdaq listed):

VBFC

Operating Segments:

Commercial and Mortgage Banking

Markets Served:

Richmond and Williamsburg MSAs

Period Highlights - December 31, 2019

Assets ($000)

$

540,313

2019 Core ROAE(1)

12.72%

TCE/TA

7.94%

Bank Leverage Ratio

9.69%

NPAs/Assets

0.44%

Net Charge-Off Ratio

0.00%

Core EPS(2)

$

3.53

Tangible Book Value per share

$

29.53

$42.00 per share

Price Per Share

as of 1/22/2020

$40.00

23% CAGR

$37.11

170.00%

$35.00

$30.65

$30.45

150.00%

$30.00

$26.70

130.00%

$25.00

$19.00

127.82%

125.65%

$20.00

117.70%

110.00%

$13.87

$15.00

109.31%

100.62%

90.00%

$10.00

70.00%

$5.00

79.33%

$-

Capital Raise

YE 2015

YE 2016

YE 2017

YE 2018

YE 2019

50.00%

March 27, 2015

Price Per Share

Price to Book Value

  1. Core ROE is a non-GAAP financial measure. See GAAP to Non-GAAP financial measure reconciliation at the end of this presentation.

(2) Core EPS is non-GAAP financial measure and is calculated based on Core Net Income of $5,101 and weighted average shares outstanding of 1,445.

4

Richmond MSA

Richmond MSA(1)

  • State Capital
  • 5 major colleges & universities
  • 10 Fortune 1000 companies headquartered
  • Virginia 2019 Top State for Business (CNBC)
  • Educated workforce (~38% of adults have a bachelor's degree or higher according U.S. Census Bureau)
  • Diverse population with an average household income of ~$64,000 vs the national average of ~$58,000
  • Excellent quality of life

Richmond MSA Market Position(2)

Average

Number of

Deposit in

Market

Branch Size

Rank

Institution (ST)

Branches

Market ($,000) Share (%)

($,000)

1

Bank of America Corporation (NC)

22

16,277,140

40.26

739,870

2

Truist Financial Corp. (NC)

71

7,774,472

19.23

109,500

3

Wells Fargo & Co. (CA)

56

6,735,372

16.66

120,275

4

Atlantic Union Bkshs Corp. (VA)

30

3,569,672

8.83

118,989

5

TowneBank (VA)

9

1,101,928

2.73

122,436

6

C&F Financial Corp. (VA)

15

870,252

2.15

58,017

7

Community Bankers Trust Corp (VA)

12

680,638

1.68

56,720

8

Southern National Bncp of VA (VA)

12

571,787

1.41

47,649

9

Bay Banks of Virginia Inc. (VA)

8

498,531

1.23

62,316

10

Village Bank & Trust Finl Corp (VA)

8

437,391

1.08

54,674

Total for Institutions in Market

305

$ 404,434,085

(1)

Source: Greater Richmond Partnership.

5

(2)

Source: S&P Global, Data as of the 6/30/2019 FDIC Summary of Deposits for the Richmond, VA MSA.

Management Team

  • CEO of the Company and the Bank since March 1, 2014. President of the Company and the Bank since August 2013.
  • Joined as Chief Credit Officer of the Bank in March 2012.
  • Independent consultant focusing on business restructuring, turnaround and strategic planning from 2008-2012.
  • 18 years with SunTrust/Crestar including Group EVP of Mid-Atlantic Commercial Banking, Group EVP of Mid-Atlantic Commercial Real Estate Banking and Senior MD/Chief Credit Officer of Corporate and Investment Banking.
  • More than 30 years experience in the banking industry.

Bill Foster

President & CEO

  • Chief Operating Officer and Chief Risk Officer of the Bank since December 2016.
  • Chief Credit Officer of the Bank since September 2013.
  • 23 years with SunTrust/Crestar including roles as Chief Operational Risk Officer for mortgage and Credit and Compliance Officer for consumer banking.
  • Prior to 1990, served as Bank Examiner for the Comptroller of the Currency.
  • More than 30 years experience in the banking industry.

Jay Hendricks

Chief Risk Officer

Chief Operating Officer

Donnie Kaloski

Chief Financial Officer

  • Chief Financial Officer of the Company and the Bank since May 2018.
  • Previously served as Senior Vice President of Accounting of the Bank.
  • From 2007 to 2013 supervised audit teams on financial institutions throughout the country with BDO USA, LLP..
  • Holds a BA in Accounting and a MBA from Troy University.
  • Is a Certified Public Accountant and Charted Global Management Accountant.
  • More than 12 years experience in the accounting and banking industry.

6

Management Team

  • Executive Vice President - Retail Banking since September 2009.
  • Previously served as Vice President Retail Manager of the Bank since 2006.
  • Prior to joining the Bank served in retail banking leadership roles with First Market Bank and Central Fidelity Bank.
  • More than 40 years experience in the banking industry.

Joy Kline

Retail Banking

  • Executive Vice President - Commercial Banking since March 2014.
  • 25 years with SunTrust/Crestar including leadership roles in commercial banking.
  • More than 30 years experience in the banking industry.

Max Morehead

Commercial Banking

Clif Winn

President & CEO

Village Bank Mortgage Corp

  • President and Chief Executive Officer of Village Bank Mortgage Corporation since December 2017.
  • Member of mortgage leadership team since 2009. Served as Senior Vice President and Risk Manager.
  • From 1998 until 2009 served in several leadership roles with Benchmark Mortgage.
  • More than 20 years mortgage banking experience.

7

Operating Results by Segment

GAAP Operating Results by Segment

Pre-tax earnings (loss) by segment

Y 2019

Q4 2019

Q3 2019

Q2 2019

Q1 2019

Q4 2018

Commercial banking

$

4,402

$

1,289

$

1,376

$

642

$

1,095

$

1,050

Mortgage banking

1,239

360

814

175

(110)

(6)

Income before income tax expense (benefit)

5,641

1,649

2,190

817

985

1,044

Commercial banking income tax expense

904

271

292

143

198

189

Mortgage banking income tax expense

260

74

171

37

(22)

(1)

Net income

$

4,477

$

1,304

$

1,727

$

637

$

809

$

856

Core Operating Results by Segment(1)

Y 2019

Q4 2019

Q3 2019

Q2 2019

Q1 2019

Q4 2018

Commercial banking GAAP pre-tax earnings

$

4,402

$

1,289

$

1,376

$

642

$

1,095

$

1,050

Non-core (income) expense items

Salaries and benefits(2)

760

-

-

760

-

-

Branch write-down

22

22

-

-

-

56

(Gain)/loss on sale of securities

(101)

-

-

-

(101)

89

Other non-core expense(3)

55

-

-

12

43

119

Commercial banking operating income

5,138

1,311

1,376

1,414

1,037

1,314

Mortgage banking GAAP pre-tax earnings (loss)

1,239

360

814

175

(110)

(6)

Non-core (income) expense items

Salaries and benefits(2)

54

-

-

54

-

-

Mortgage banking operating income

1,293

360

814

229

(110)

(6)

Core operating income before income tax expense

6,431

1,671

2,190

1,643

927

1,308

Commercial banking income tax expense(4)

1,059

276

292

305

186

244

Mortgage banking income tax expense(4)

271

74

171

48

(22)

(1)

Core operating net income

$

5,101

$

1,321

$

1,727

$

1,290

$

763

$

1,065

(1) Non-GAAP financial measure.

(2) The Company recognized $814,000 in additional compensation expense during Q2 2019, as a result of the accelerated vesting of restricted stock awards and retirement benefits as disclosed in the Company's Form 8-K filed on June 25, 2019.

(3) Other non-core expense is composed of the write-off of premiums associated with United State Department of Agriculture Loans, $12,000 during Q2 2019, $96,000 during Q4 2018, and $35,000 during Q4 2018, and additional audit and tax fees of $43,000 during Q1 2019 and $23,000 during Q4 2018 associated with the transition of our external auditors during 2018.

(4) Income tax expense was adjusted for the non-core items at the corporate tax rate of 21%.

8

Our goal is to deliver top quartile long term returns for shareholders

3 Key Factors That Drive Long Term Shareholder Returns:

Return on Equity

EPS Growth

Risk

  • Indicates how productively we invest shareholder capital
  • Internal capital generation to support growth
  • Capacity to pay dividends
  • Building book value per share
  • Earning hurdle rate of return
  • Growing earnings per share and book value per share
  • Today's value is net present value of future earnings and cash flow
  • Risk introduces uncertainty about the true value of assets, quality of earnings, sustainability of earnings and gets reflected in price to book value and price to earnings multiples.
  • Today's value is really the net present value of expected future earnings and cash flows. Greater risk and uncertainty gets reflected in higher discount rate.

9

Factors That Drive Long Term Shareholder Returns

Return on

Equity

  • Strategic Goals
    • Top quartile ROTCE
  • How We Accomplish This
    • Defend and expand net interest margin by:
      • Improving earning assets mix (core loans vs. USDA)
      • Growing low cost deposits
      • Improving funding mix (MMA for CD & FHLB)
      • Managing interest rate risk
      • Staying disciplined on loan and deposit pricing
    • Grow commercial banking noninterest income
    • Profitable and growing mortgage business
    • Capital efficiency - use leverage in capital structure and productively deploy all capital

EPS Growth

  • Strategic Goals
    • Sustained organic earnings per share growth in high single digits
  • How We Accomplish This
    • Competitively differentiated commercial, consumer and mortgage banking offerings
    • Excellent execution of sales process
    • Operating leverage - grow revenues faster than expenses

Risk

  • Strategic Goals
    • Best quartile earnings volatility
    • Best quartile asset quality in worst part of cycle
  • How We Accomplish This
    • Exceptional, disciplined risk management
    • Limit exposure to highest risk loan categories (land acquisition & development, construction of "for sale" product, spec construction)
    • Build diverse sources of revenues and earnings

10

ROE has been improving as we replace prior year quarters with stronger earnings

ROE & Core ROE(1) - Consolidated (Commercial + Mortgage Segments)

18.00%

16.83%

16.83%

16.00%

13.19%

12.72%

14.00%

11.56%

12.11%

12.27%

12.00%

11.16%

9.29%

8.69%

10.00%

8.20%

8.00%

6.52%

6.00%

4.00%

2.00%

0.00%

Q4 2018

Q1 2019

Q2 2019

Q3 2019

Q4 2019

FY 2019

ROE - Consolidated

Core ROE - Consolidated

14.00%

ROE & Core ROE(1) - Commercial Banking Segment Only

11.61%

11.34%

12.00%

9.35%

9.64%

9.14%

10.57%

10.57%

9.45%

9.62%

10.17%

10.00%

8.72%

8.00%

5.10%

6.00%

4.00%

2.00%

0.00%

Q4 2018

Q1 2019

Q2 2019

Q3 2019

Q4 2019

FY 2019

ROE - Commercial Banking Segment

Core ROE - Commerical Banking Segment

(1) Core ROE is a non-GAAP financial measure. See GAAP to Non-GAAP financial measure reconciliation at the end of this presentation.

11

Solid Loan Growth in the Right Loan Types

Loans Outstanding

December 31, 2018

December 31, 2019

% Change

Loan Type

C&I + Owner occupied commercial real estate

134,792

143,427

6.41%

Nonowner occupied commercial real estate

108,816

129,996

19.46%

Acquisition, development and construction

41,608

31,950

(23.21%)

Total commericial loans

285,216

305,373

7.07%

Consumer/Residential

87,641

87,776

0.15%

Student

39,315

33,525

(14.73%)

Other

2,258

2,621

16.08%

Total loans

$

414,430

$

429,295

3.59%

Other

1%

Portfolio Mix

December 31, 2019

Student

8%

C&I + Owner

Occupied CRE

Consumer/Residential33% 21%

AD&C

7%Nonowner

Occupied CRE

30%

12

Strong Core Deposit Growth and Improving Mix

Deposits Outstanding December 31, 2018 December 31, 2019 % Change

Deposit Type

Noninterest-bearing demand

119,317

131,228

9.98%

Interest checking

49,188

48,428

(1.55%)

Money market

86,295

99,955

15.83%

Savings

28,694

26,396

(8.01%)

Relationship deposits

283,494

306,007

7.94%

Time deposits

155,553

137,201

(11.80%)

Total deposits

439,047

443,208

0.95%

Portfolio Mix

December 31, 2019

Noninterest-

bearing

Time deposits

demand

30%

31%

Savings

Money market

Interest

checking

6%

22%

11%

13

Net Interest Margin

Net Interest Margin Trend

6.00%

4.98%

5.18%

5.18%

5.08%

5.03%

5.00%

3.73%

3.83%

3.78%

4.00%

3.59%

3.52%

3.00%

2.00%

1.30%

1.43%

1.48%

1.51%

1.50%

1.00%

0.00%

Q4 2018

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Net Interest Margin

Yield on Loans Held for Investment

Cost Interest Bearing Liabilities

14

Commercial Banking Noninterest Income Trend

Commercial Banking Segment - Noninterest Income

$1,000

$774

$796

1.00%

$800

$725

$749

0.80%

$600

$538

0.61%

0.61%

0.60%

$400

0.52%

0.54%

0.40%

0.41%

$200

0.20%

$-

Q4 2018

Q1 2019

Q2 2019

Q3 2019

Q4 2019

0.00%

Total noninterest income

Noninterest income to average assets

Initiatives driving growth:

  • Commercial banking service charges - adding relationships, adding treasury management capabilities, 2018 repricing initiative
  • Debit and credit card interchange income growth
  • SBA guaranteed strip sales

Future Opportunities:

  • Acquire fee generating business (wealth management, insurance, etc.)

15

Commercial Banking Noninterest Expense Trend

Commercial Banking Segment - Noninterest expense

$5,000

$3,887

$4,082

$4,605

$3,830

5.00%

$4,000

$3,737

4.00%

$3,000

2.99%

3.23%

3.54%

3.00%

$2,000

2.77%

2.70%

2.00%

$1,000

1.00%

$-

Q4 2018

Q1 2019

Q2 2019

Q3 2019

Q4 2019

0.00%

Total noninterest expense

Noninterest expense to average assets

Actions taken to control expense growth:

  • Wellness initiatives controlling growth in benefits costs
  • Constant focus on process improvement
  • Improving data processing costs (purging dormant accounts, etc.)
  • Absorbing built-in growth capacity
  • Branch consolidation in Q4 2019

Opportunities in 2020:

  • Savings on SERP and Stock Compensation after Q2 2019 accelerated vesting

16

Drivers of noninterest expense improvement

Commercial Banking Segment - Quarterly

Efficiency Ratio

100.00%

87.67%

90.00%

80.38%

76.12%

73.11%

80.00%

71.90%

70.00%

60.00%

50.00%

40.00%

30.00%

20.00%

10.00%

0.00%

Q4 2018

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Commercial Banking assets per employee

5,400

5,347

5,300

5,200

5,056

5,093

5,138

5,100

5,000

4,900

4,840

4,800

4,700

4,600

4,500

Q4 2018

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Commercial Banking Segment - Year over Year

Efficiency Ratio(1)

100.00%

90.00%

80.55%

78.38%

80.00%

70.00%

60.00%

50.00%

40.00%

30.00%

20.00%

10.00%

0.00%

FY 2018

FY 2019

Deposits per branch

50,000

49,245

49,000

47,744

48,000

47,000

46,000

44,623

45,000

43,905

44,340

44,000

43,000

42,000

41,000

Q4 2018

Q1 2019

Q2 2019

Q3 2019

Q4 2019

(1) Core Efficiency Ratio is a non-GAAP financial measure. See GAAP to Non-GAAP financial measure reconciliation at the end of this presentation.

17

Mortgage Banking Segment

  • Run like an independent mortgage company
    • 100% retail production
    • Commission only, self sourcing loan officers
    • Referrals from realtors and builders
    • All loans sold servicing released
    • Purchase money focused with the ability to opportunistically capture refis (83% purchase in 2019)
    • Best-effortsdelivery - do not take rate risk
  • Exceptional execution extends and enhances the Village brand in the eyes of borrowers, realtors, builders, title companies, closing attorneys
  • Very attractive loan officer value proposition - product, operational support and execution, marketing support
  • Excellent compliance and audit track record
  • Leadership team is strong across the board and functioning at a high level
  • Seeing recruiting successes -new head of operations, 2 loan officers, loan processors, loan officer assistants.
  • Actively recruiting additional loan officers in Richmond, Williamsburg and other attractive markets

• Increasing introductions from bank client base

18

Our credit strategy is designed with the goal of delivering best quartile asset quality in the worst part of the cycle…

Higher Risk Loans = more provision expense, more capital more earnings volatility

Net Charge-offs for Virginia Banks

22 Year

Average

Worst Two

Decmeber 31,

Years 2007 -

2019

Average

2007-2013

2013

Portfolio Mix

1-4 Residential Construction

0.85%

2.69%

17.01%

1.84%

Other Land Acquisition, Development & Construction

0.59%

1.63%

5.84%

5.60%

C&I

0.56%

0.86%

2.33%

10.50%

Other Consumer (excl. Student)

0.67%

0.91%

2.16%

0.61%

Mutlifamily

0.19%

0.38%

1.27%

3.11%

Commercial RE (owner occupied & non-owner occupied)

0.20%

0.33%

1.25%

50.05%

1-4 Residential First Mortgage

0.13%

0.30%

1.07%

13.01%

Home Equity/2nds

0.07%

0.23%

0.72%

7.44%

Gov't Guaranteed (Student, USDA, SBA)

11.18%*

*Gov't Guaranteed loans include some balances also included in other categories Source of loss history: S&P Global

Credit metrics continue to compare favorably to our peers as follows:

Asset Quality Metrics

Village

Peer Group

Metric

Q4 2019

Q4 2018

Q3 2019(1)

Allowance for Loan and Lease Losses/Nonperforming Loans

170.57%

135.03%

176.92%

Net Charge-offs (recoveries) to Average Loans(2)

0.05%

0.08%

0.22%

Nonperforming Loans/Loans (excluding Guaranteed Loans)

0.49%

0.63%

0.61%

Nonperforming Assets/Bank Total Assets (3)

0.44%

0.54%

0.65%

  1. Source - SNL data for VA Banks <$1 Billion in assets as of September 30, 2019.
  2. Annualized.

(3) Nonperforming assets excluding performing troubled debt restructurings.

19

As we indicated in 2018, we have been rebuilding capital ratios with stronger earnings and slower asset growth

Capital Ratio Trends

Bank Capital Ratios

14.00%

12.63%

12.63%

12.56%

12.46%

12.44%

12.00%

9.69%

10.00%

9.46%

9.36%

9.35%

9.15%

TCE Ratio

8.00%

7.94%

7.80%

8.00%

7.60%

7.40%

7.40% 7.41%

6.00%

4.00%

2.00%

0.00%

Q4 2018

Q1 2019

Q2 2019

Q3 2019

Q4 2019

Total Risk Based Capital

Tier 1 Leverage

Well Capitalized Total Risk Based

Well Capitalized Tier 1 Leverage

7.34%

7.21%

7.20%

7.00%

6.80%

Q4 2018

Q1 2019

Q2 2019

Q3 2019

Q4 2019

20

2020 Opportunities and Challenges

  • Opportunities
    • Growth in the Williamsburg and Peninsula markets
    • Truist
    • Wells Fargo
    • Atlantic Union and Sonabank strategy changes
    • SBA guaranty strip sales
    • Mortgage recruiting
  • Challenges
    • Loan and deposit pricing pressures are squeezing margins at many banks. We are fighting those pressures but are not immune.

21

Why Village

Vision, Discipline, Execution - We think and behave like long term investors

Market - Strong market position in a very attractive market

Opportunity - Excellent opportunity to take market share

Differentiated - A strong community bank with a successful mortgage company

Transparency and Candor - Effective shareholder communications

We Deliver Results - Excellent shareholder returns over the last five years.

22

Reconciliation of Non-GAAP Financial Measures

Reconciliation of Non-GAAP Financial Measures

(Dollars in thousands)

Year

December 31,

September,

June,

March,

December 31,

Core Return on Average Equity

2019

2019

2019

2019

2019

2018

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

(Unaudited)

Average shareholder's equity

$

40,111

$

42,718

$

40,704

$

39,211

$

37,749

$

36,545

Core operating net income (loss)(1)

Consolidated

$

5,101

$

1,321

$

1,727

$

1,290

$

763

$

1,065

Commercial Banking Segment

$

4,079

$

1,035

$

1,084

$

1,109

$

851

$

1,070

Mortgage Banking Segment

$

1,022

$

286

$

643

$

181

$

(88)

$

(5)

Core Return on Average Equity(2)

Consolidated

12.72%

12.27%

16.83%

13.19%

8.20%

11.56%

Commercial Banking Segment

10.17%

9.62%

10.57%

11.34%

9.14%

11.61%

Mortgage Banking Segment

2.55%

2.66%

6.27%

1.85%

(0.95%)

(0.05%)

FY 2019

FY 2018

Efficiency Ratio

GAAP

Non-Core

Core

GAAP

Non-Core

Core

Revenues

(Unaudited)

(Unaudited)

(Unaudited)

*

(Unaudited)

(Unaudited)

Net Interest Income(3)

$

17,746

$

12

$

17,758

$

16,856

$

139

$

16,995

Non-Interest Income

3,046

-

3,046

2,295

-

2,295

Gain(Loss) AFS

101

-

101

(89)

-

(89)

Adjusted Revenues

20,691

12

20,703

19,240

139

19,379

Expenses

Non-Interest Expense(4)

16,255

(803)

15,452

15,505

(23)

15,482

OREO

16

-

16

(48)

-

(48)

Branch Write-Down

22

-

22

56

-

56

Adjusted Expenses

$

16,239

$

(803)

$

15,436

$

15,497

$

(23)

$

15,474

Efficiency Ratio

78.48%

74.56%

80.55%

79.85%

* Derived from audited consolidated financial statements.

  1. Derived from the Core Operating Results by Segment table.
  2. Annualized.
  3. GAAP net interest income was adjusted for the write-off of premiums of $12,000 in 2019 and $139,000 in 2018 associated with USDA loans.
  4. GAAP non-interest expenses was adjusted for the $760,000 in additional compensation expense associated with the accelerated vesting of the

Company's restricted stock compensations plan and supplemental executive retirement plan during 2019 and additional audit and tax fees of $43,000

23

during 2019 and $23,000 during 2018 associated with the transition of our external auditors during 2018.

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Village Bank and Trust Financial Corp. published this content on 28 January 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 January 2020 22:59:04 UTC